The Pressure Increases on Sam Bankman-Fried
New YorkerDec 17, 2022
In a surprise turn of events, the co-founder and former CEO of crypto exchange FTX, Sam Bankman-Fried, has reportedly waived his right not to be extradited to the US over fraud charges.
It followed confusion on Monday after the 30-year-old appeared in court in the Bahamian capital of Nassau, where he's being detained, and told the judge he didn't consent to waive his right to fight extradition. Reports prior to the hearing said he would do so.
According to the government's account, Bankman-Fried's corruption was baked into FTX's processes from the very start of its operation. Whether he was dishonest, deluded, or both, the US government needs to conduct the most thorough investigation and prosecution of this fraudulent crypto billionaire.
Among the charges that Bankman-Fried faces are those of campaign finance violations going up to tens of millions of dollars. These donations went to the highest level of leadership in both the Democratic and Republican parties, which begs the question: did these political elites know where their high-dollar donations were coming from? And what will happen to all that money?